Final Notice
On , the Financial Conduct Authority issued a Final Notice to David Andrew Hyde, Cundy X Cars
1
FINAL NOTICE
To:
David Andrew Hyde (trading as Cundy X Cars)
FRN:
654376
Dated:
14 October 2022
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Mr Hyde.
2.
The Authority issued to Mr Hyde the Decision Notice which notified Mr Hyde that
for the reasons given below and pursuant to section 55J of the Act, the Authority
had decided to cancel Mr Hyde’s Part 4A permission.
3.
Mr Hyde has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.
4.
Accordingly, the Authority has today cancelled Mr Hyde’s Part 4A permission.
2
DEFINITIONS
5.
The definitions below are used in this Final Notice:
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“the Decision Notice” means the Decision Notice issued by the Authority to Mr Hyde
dated 26 January 2021;
“Mr Hyde” means David Andrew Hyde (trading as Cundy X Cars);
“Mr Hyde’s Part 4A permission” means the permission granted by the Authority to
Mr Hyde pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £316.48 owed by Mr Hyde
to the Authority for annual fees and levies for the period 1 April 2019 to 31 March
2020, which was due for payment by 6 September 2019;
“the Principles” means the Authority’s Principles for Business;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 of the Act;
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber); and
“the Warning Notice” means the Warning Notice issued by the Authority to Mr Hyde
dated 29 December 2020.
REASONS FOR THE ACTION
6.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that Mr Hyde is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that Mr Hyde is a fit and proper person having regard to all the circumstances,
including whether Mr Hyde managed his business in such a way as to ensure that
his affairs were conducted in a sound and prudent manner.
7.
Mr Hyde has failed to pay the Overdue Balance and he has not been open and co-
operative in all his dealings with the Authority, in that Mr Hyde has failed to respond
to the Authority’s repeated requests for him to pay the Overdue Balance and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that he is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of Mr Hyde’s suitability, lead the
Authority to conclude that Mr Hyde has failed to manage his business in such a way
as to ensure that his affairs are conducted in a sound and prudent manner, that he
is not a fit and proper person, and that he is therefore failing to satisfy the
Threshold Conditions in relation to the regulated activities for which he has had a
Part 4A permission.
3
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.
IMPORTANT
10.
This Final Notice is given to Mr Hyde in accordance with section 390(1) of the Act.
Publicity
11.
The Authority must publish such information about the matter to which this Final
Notice relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to Mr Hyde or prejudicial to the interest of consumers.
12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contact
13.
For more information concerning this matter generally, please contact Maciej
Alexander Bajko at the Authority (direct line: 020 7066 1838).
Anna Couzens
Enforcement and Market Oversight Division
FINAL NOTICE
To:
David Andrew Hyde (trading as Cundy X Cars)
FRN:
654376
Dated:
14 October 2022
ACTION
1.
For the reasons set out in this Final Notice, the Authority hereby takes the following
action against Mr Hyde.
2.
The Authority issued to Mr Hyde the Decision Notice which notified Mr Hyde that
for the reasons given below and pursuant to section 55J of the Act, the Authority
had decided to cancel Mr Hyde’s Part 4A permission.
3.
Mr Hyde has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to it.
4.
Accordingly, the Authority has today cancelled Mr Hyde’s Part 4A permission.
2
DEFINITIONS
5.
The definitions below are used in this Final Notice:
“the Act” means the Financial Services and Markets Act 2000;
“the Authority” means the Financial Conduct Authority;
“the Decision Notice” means the Decision Notice issued by the Authority to Mr Hyde
dated 26 January 2021;
“Mr Hyde” means David Andrew Hyde (trading as Cundy X Cars);
“Mr Hyde’s Part 4A permission” means the permission granted by the Authority to
Mr Hyde pursuant to Part 4A of the Act;
“the Overdue Balance” means the outstanding sum of £316.48 owed by Mr Hyde
to the Authority for annual fees and levies for the period 1 April 2019 to 31 March
2020, which was due for payment by 6 September 2019;
“the Principles” means the Authority’s Principles for Business;
“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 of the Act;
“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber); and
“the Warning Notice” means the Warning Notice issued by the Authority to Mr Hyde
dated 29 December 2020.
REASONS FOR THE ACTION
6.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that Mr Hyde is failing
to satisfy the suitability Threshold Condition, in that the Authority is not satisfied
that Mr Hyde is a fit and proper person having regard to all the circumstances,
including whether Mr Hyde managed his business in such a way as to ensure that
his affairs were conducted in a sound and prudent manner.
7.
Mr Hyde has failed to pay the Overdue Balance and he has not been open and co-
operative in all his dealings with the Authority, in that Mr Hyde has failed to respond
to the Authority’s repeated requests for him to pay the Overdue Balance and has
thereby failed to comply with Principle 11 of the Principles and to satisfy the
Authority that he is ready, willing and organised to comply with the requirements
and standards of the regulatory system.
8.
These failings, which are significant in the context of Mr Hyde’s suitability, lead the
Authority to conclude that Mr Hyde has failed to manage his business in such a way
as to ensure that his affairs are conducted in a sound and prudent manner, that he
is not a fit and proper person, and that he is therefore failing to satisfy the
Threshold Conditions in relation to the regulated activities for which he has had a
Part 4A permission.
3
DECISION MAKER
9.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.
IMPORTANT
10.
This Final Notice is given to Mr Hyde in accordance with section 390(1) of the Act.
Publicity
11.
The Authority must publish such information about the matter to which this Final
Notice relates as the Authority considers appropriate. The information may be
published in such manner as the Authority considers appropriate. However, the
Authority may not publish information if such publication would, in the opinion of
the Authority, be unfair to Mr Hyde or prejudicial to the interest of consumers.
12.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.
Authority contact
13.
For more information concerning this matter generally, please contact Maciej
Alexander Bajko at the Authority (direct line: 020 7066 1838).
Anna Couzens
Enforcement and Market Oversight Division